UPDATED: April 5th, 2012
Some people may think there are some credit cards that are easier to get, which is true, but mostly it is a case of some people get approved for credit cards much more easily than others. The fact is the almost any card is the easiest credit card to get if you are young, debt free and working.
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What Makes a Credit Card Easy to Get?
While this may seem like a wonderful thing at the time, flash forward 10 years and ask yourself if it was really such a wonderful thing? Credit cards more often than not are a way to accrue debt and that compounds over years of necessary spending. So when credit card companies target younger people, they almost have a customer for life.
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Because young people starting out in the workforce rarely have large amounts of debt, they have a good debt to income ratio. This is the key to getting approval from a credit card company. All too often they are given extremely high credit limits which can be too tempting to manage correctly at a young age.
Higher Interest Rates Certainly Make It Easier
So for the actual credit card that is easiest to get – the answer is usually the most restrictive one. For the majority of credit card applicants (not the young, debt free workers previously mentioned) the easiest credit card to get is one with a high interest rate, strict and expensive penalties and a high annual account fee. The reason they can afford to be a little more lenient with their selection of customers is that they usually make up for it with charging them and everyone with ridiculous fees and penalties.
While being accepted for the easiest credit card to get may answer your problems in the short term, you really need to look at ways to improve your credit rating. This will make you a better potential customer to the other credit card companies who could offer you a much more competitive credit card package.
Remember Your Credit History Gets Checked Each Application
Every time you apply for credit whether it is with a bank or any other financial lender, then your credit history and credit score or rating is checked. They are mainly concerned with looking at your debt to income ratio and your previous credit history. If you have defaulted on payments before or been sent to collection agencies then this will all be recorded for them to see. While you can’t change your financial past, you can certainly shape your financial future.
What You Can Do to Make It Easier to Get Accepted
First thing is to work on a realistic and achievable budget aimed at lowering your debt. There is no sense putting money aside into a savings account at the moment when it could be better put to use ridding yourself of any existing debt. Consider refinancing any high interest loans once you have payments under control and a good budget sorted out. Refinancing can incur some costs but often the money you will save over the term of the loan will more than cover that. Use your credit card for emergencies only, don’t use it as an everyday account, it is far too easy to loose track of your spending that way. Only spend on your credit card what you can afford to repay in full at the end of the month.
By following these few steps for 6-12 months you will see a great improvement in your credit score. Whether you are a college student looking for the best college student credit cards, or a full time-worker, soon you will no longer be worried what the easiest credit card to get is but you’ll be picking and choosing from only the best offers from the best companies for their credit cards.
FPT Recommended Easy-to-Get Credit Cards by Your Credit Type
GOOD CREDIT: consider getting a new or additional rewards credit card by clicking here – as it should be easy for you to get.
BAD CREDIT, REBUILDING: you will want to consider rebuilding your credit with a secured credit car by clicking here.
BAD CREDIT, NO REBUILD: If you have bad credit, and aren’t concerned about rebuilding credit, but want some rewards features then a prepaid credit card might be what you are looking for.